SINGAPORE - The High Court has found that Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum , is not entitled to relief from liability to pay US$146 million plus interest in compensation for losses suffered by the firm.
In declining to grant Goh relief from liability, Justice Abdullah said: “The mere fact that Dr Goh had not been a perpetrator of the fraud did not mean that he was not responsible for its disastrous consequences on IPP. It consisted of US$146 million drawn down for cargo trading operations, and US$10.5 million drawn from SocGen’s facility for IPP’s bunkering operations allegedly when IPP was balance-sheet insolvent.
“Any reasonable director in Dr Goh’s position who had been informed that his company was facing a ‘going concern issue’ would have inquired on how IPP’s cargo trading business was doing amidst the suspension,” said Justice Abdullah. “However, ‘even when shown that there was a significant amount due from a single trade debtor, Dr Goh did not even so much as check how much of these receivables were overdue’,” Justice Abdullah noted.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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مصدر: The Straits Times - 🏆 8. / 63 اقرأ أكثر »